They want answers after watching the value of their investment halve since the February flotation that reaped Ashley nearly £900m.

They will also be looking for an update on the search for a new chairman to replace David Richardson, who quit suddenly. It is thought that a shortlist of three candidates has now been assembled. He or she would face one of the toughest jobs in the City, trying to restore the group's shattered credibility in the Square Mile.

Analysts are braced for more bad news but the group is expected to reiterate that it is on track to hit profit forecasts of £190m this year.

Ashley's fortunes are also intertwined with those of the depleted England squad. If it fails to qualify for Euro 2008 it will be a big blow to sales as replica kits are a key product line in its Sports World stores.